War only brings destruction and hardship. Individuals and businesses face different challenges due to war and distress. Access to finance is one of the many challenges and it is becoming more difficult for individuals and businesses due to uncertainty and security. On the other hand, technology, in general, and Financial Technology (FinTech) in specific are playing a significant role in easing the challenges that individuals and businesses face in post-conflict countries.

This research investigated “How can FinTech Help the Socioeconomic Development and Financial Inclusion in Post-Conflict Countries?”.

Different previous research has shown that there is a positive impact of FinTech on access to finance and socioeconomic impact on businesses and individuals. Meanwhile, some literature argued that such socioeconomic impacts and claims are not sustainable. Furthermore, there is no comprehensive socioeconomic model to assess the impact of FinTech on development, all efforts were limited to one or two socioeconomic areas. In addition, there is a limited literature review in this field and on the FinTech impact on development.

Therefore, this research and effort aims to develop a comprehensive socioeconomic framework to assess the role and impact of FinTech on development and on financial inclusion in post-conflict countries.

This paper is guided by two theories: The Ecosystem Theory based on STEPE approach, and the Development Theory. Furthermore, the paper discussed and argued existing efforts related to FinTech, financial inclusion, and socioeconomic development. Based on that, two knowledge gaps were identified: the first is the need to redefine the relationship between finance and development, and the second is the lack of a comprehensive socioeconomic model to measure the impact of FinTech on development. Furthermore, the literature review identified issues related to FinTech that will contribute and affect the impact of FinTech on financial inclusion and
development.

The suggested conceptual model was based mainly on the Madon (2000) conceptual model taking into consideration models done by others related to ICT and development which were also based on the same Madon (2000) model.

The researcher collected different sets of data. For primary data, the researcher used semi-structured interviews based on an interview guide also developed throughout the effort. Fifteen interviews were conducted with different stakeholders including
regulators, financial and FinTech professionals, individual & business clients and others. No focus groups were conducted due to the COVID-19 Pandemic limitations. The researcher used Zoom Communication Technology due to COVID-19 pandemic limitations. In addition, the researcher collected secondary data from available resources.

Qualitative Research Methods were used, using an Interpretive Approach to analyse data collected from interviews. Qualitative data analysis of narratives collected from the sample were conducted using inductive and deductive techniques. Moreover, the data collected through different statistical data including indicators such as World Bank Global Findex or other sources were analysed using Qualitative Comparative Analysis.

The researcher conducted five case studies and reach to findings related to each case study based on discussing the research main and sub questions. Following the case studies, a comparison is made to show the differences between cases, different practices and reasons behind such differences. The case studies are Jordan (for Syrian Refugees), Egypt, Iraq, Palestine and Afghanistan. The research tied all the findings with the suggested conceptual framework areas to show FinTech’s impact on different socioeconomic areas.

The findings whether through interviews or literature reviews support the suggested framework in which FinTech plays a significant role in the socioeconomic development of any country especially the post-conflict countries. In addition, FinTech contributes significantly to financial inclusion by including more people and businesses, providing them with different financial products and services at the right time and location. FinTech allowed refugees and displaced people in Iraq and Syria to access financial sources and aid funds. FinTech helped governments and private sectors in Jordan and Egypt to pay salaries and get paid for goods and services. In
addition, FinTech allowed people to enjoy a wide range of benefits due to the facilitation of mobile money and other FinTech products including access to international markets, payment of different products & services fees, access to government aid schemes and others.

Furthermore, the research showed several driving forces that FinTech influenced in socioeconomic development, including regulations, infrastructure, ecosystem, products, risk management and others. Moreover, the research concluded that the
COVID-19 pandemic had a significant impact and role in the development and enforcement of FinTech in post-conflict countries and accelerated the use of FinTech to allow people and businesses to access financial services and meet their daily life
requirements.

This research has made several theoretical contributions. The most important contribution is the presentation of the holistic framework that synthesizes and extends the literature relevant to socioeconomic factors around the development, use and impact of FinTech in post-conflict countries. Other contributions are related to different aspects of FinTech and socioeconomic development including, cost of transaction, risk management, the COVID-19 pandemic, political stability, literacy and level of people’s trust in the government and financial system. Moreover, the research has many practical implications to be addressed by policy makers including
the importance of investing in financial literacy and education, in rebuilding people’s trust, in strengthening the ubiquitous technologies, in expanding the ecosystem and capitalise on the impact of COVID-19 contribution.

Finally, it is worth mentioning that this research is considered to be unique due to the following facts:
• The research is considered the first empirical effort to investigate the role of FinTech in development. All other studies investigate ICT role in general in development.
• The research is the first to look into post-conflict countries.
• The research is one of the few empirical efforts to explore socioeconomic factors surrounding FinTech in post-conflict countries across several case studies.
• The data collection effort took place over three years before, during and after the global COVID-19 pandemic which provided revelatory multiple case studies of the impact of the pandemic on the role of FinTech in socioeconomic development and empowerment.